Kwon Do-hyung, CEO of Terraform Labs, who is a key figure in the collapse of cryptocurrency Terra and Luna, is being escorted to the court in the Montenegro capital of Podgorica on the 11th (local time). According to Montenegro’s media, Kwon was granted bail on the 12th, but he is still in custody after the prosecution appealed against it.
Montenegro’s prosecution appealed, challenging the bail of CEO Kwon Do-hyung of Terraform Labs. According to local media, local prosecutors in Podgorica, the capital of Montenegro, recently filed an appeal with the court that granted the bail of Kwon and his confidant Han.
CEO Kwon is a key figure in the collapse of cryptocurrencies Terra and Luna. Earlier, the court granted bail, but the detention will be maintained for now as the prosecution appeals. The court has reportedly yet to reach a conclusion on the prosecution’s appeal. However, if the court rejects the prosecution’s appeal, Kwon and Han can be released after depositing 400,000 euros in bail, respectively. However, Kwon and others cannot leave the apartment designated by the court, and if they flee or violate supervisory measures, they cannot get their bail back. They will reportedly live in an apartment owned by a local lawyer’s cohabitation company.
Prosecutors have expressed dissatisfaction with the court’s bail.
Earlier in the first trial on the 11th, he argued that the amount of bail was small compared to Kwon’s financial resources, making it difficult to dispel concerns about escape. He also stressed that the court should not grant bail because they were on Interpol’s red wanted list and had fled before.
However, the court granted bail for Kwon and others a day later.
South Korea and the U.S. want to put Kwon Do-hyung on trial in each country, but they are worried about how their moves will unfold in the future with the current bail granted. Can Kwon and Han, who caused damage to many people, be judged justly, or can their funds be recovered and compensated to the victims even in part? It is just ridiculous that he was granted bail in prison custody, not enough to accumulate wealth using crypto. If they are not brought to justice, many of the victims will not be disappointed.
Chang Young Choi
US ASIA JOURNAL
